Net Asset Value(s)

Small Companies Dividend Trust PLC
The Company announces:
Total Assets (including unaudited revenue reserves at 22/04/2016) of £45.93m
Net Assets (including unaudited revenue reserves at 22/04/2016) of £35.41m
The Net Asset Value (NAV) at 22/04/2016 was:
		Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue*	213.98p	16,550,000
Per Ordinary share (bid price) - excluding current period revenue*	208.7p
Ordinary share price	190.00p
Discount to NAV	(11.21)%
Ordinary shares have an undated life
ZDP share	123.71p	8,500,000
ZDP share price	127.75p
Premium to NAV	3.27%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
*Current period revenue covers the period 01/05/2015 to 22/04/2016

	Name of company		% of portfolio
1	Avesco Group Plc Ordinary 10p		3.25
2	Coral Products Plc Ordinary 1p		2.75
3	Belvoir Lettings Plc Ordinary		2.44
4	Connect Group Plc Ordinary 5p		2.32
5	GVC Holdings Plc Common EUR0.01		2.29
6	Shoe Zone (Holdings) Limited Ordinary 1p		2.26
7	GLI Finance Ltd		2.17
8	Moss Bros Group Plc Ordinary 5p		2.16
9	Games Workshop Group Plc Ordinary 5p		2.15
10	Brown (N) Group Ordinary 11.052p		2.07
11	Mucklow (A&J) Group Plc REIT 25p		2.05
12	Alumasc Group (The) Plc Ordinary 12.5p		1.97
13	Braemar Shipping Services Plc GBp 10		1.96
14	Marston's Plc Ordinary 7.375p		1.95
15	Clarke (T.) Plc Ordinary 10p		1.90
16	Jarvis Securities Plc Ordinary 1p		1.84
17	Kier Group PLC Ordinary 1p		1.84
18	Martin McColl Retail Group Ltd Ordinary 0.1p		1.80
19	Kcom Group Plc Ordinary 10p		1.79
20	Fairpoint Group Plc Ordinary 1p		1.78